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“The Toronto Maple Leafs are a public trust with the greatest fans in the world,” reads the letter signed by Larry Tanenbaum, MLSE’s chairman and a minority shareholder. “We have fallen short of everyone’s expectations, and for that we are sorry. We take full responsibility for how this team performs on the ice, and we make no excuses.”

The letter does not name GM Brian Burke, who took over the team in 2008 and whose rebuilding plan has fallen short. But it appears to back his leadership.

“Ownership believes in the plan for the Maple Leafs,” the letter reads. “All of the resources at our disposal will be used to make sure that the entire organization is focused on making the Leafs a successful playoff team.”

There’s no doubt the franchise has been humbled. A tailspin that began in early February — the Leafs lost 15 of 17 games — dropped them from playoff contention, cost coach Ron Wilson his job and turned the city into the butt of jokes in other NHL markets.

Coach Randy Carlyle will address the media at 10:30 a.m. Tuesday morning, followed by Burke at 11 a.m. in the Leafs’ annual season-end news conference.

The once mighty team hasn’t won a Stanley Cup since 1967 — the longest drought in hockey. And now it hasn’t reached the playoffs in seven seasons, also the longest current drought.

None of that is good for a business (that includes the NBA Raptors as well as other properties) that is being sold this summer. The Ontario Teachers’ Pension Fund will get about $1.32 billion from a partnership of telecommunications giants Bell and Rogers for control.

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